Spotify hopes to expand to Latin America and Eastern Europe next year

According to Billboard Biz, Spotify is closing in on $100 million in funds raised for expansion. With that money, the streaming service hopes to open in Latin America and farther across Europe in 2013.

Though $100 million may seem like a massive change chunk and, according to the International Business Times, Spotify is valued at $3 billion, the company still has yet to report a net profit.

At present, Spotify is still a private company, owned by its original co-founder Daniel Ek. Ek says that the company's primary focus for now is global expansion as opposed to seeking buyers or going public.